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Why Nurses Need To Have Malpractice Insurance

Medical malpractice is a growing concern in the medical field and it’s not just targeting doctors and surgeons. According to Nurses Service Organization (NSO), malpractice claims are on the rise including a 58% increase over a five-year period for licensed practical nurses.

Defined as a wrongful act by a physician, nurse, or other medical professional during treatment, or the omission of a needed and reasonable medical treatment, medical malpractice can have a lasting effect on many parties involved. But some nurses specifically are opting out of protecting themselves in the case of a malpractice claim with Malpractice Insurance for Nurses.

Here’s a look at why it’s important for nurses to invest in malpractice insurance.

Claim Factors

There are a number of determining factors that can potentially set a nurse up as the target of a medical malpractice claim. They include:

Failure to exercise care

Person who has a duty of care

Injury or financial damages caused by the failure to provide appropriate care

Any claim must be proven that there was a legal duty to provide care for the patient, and a breach of that duty by the nurse.

Common Misconceptions

Many nurses don’t have malpractice insurance because they believe that liability insurance provided by their employer may be enough coverage. An employer’s policy may not cover the total award, or remain in effect after a nurse leaves that place of occupation. In the event that a nurse is working part-time or as an independent contractor they in fact may not have the same benefits as a full-time, regular employee. Liability insurance is not a one size-fits all cure for nurses.

Investing In Safety

There are two types of policies popular among nurses. Depending on the nurse’s current employment situation and what kind of coverage they need, there is a policy that can cater to them.

Occurrence-based insurance covers any incident occurring while the policy is in effect even if the policy is canceled and/or the employee has retired. And claims-made insurance covers any incident only while the policy is in effect. One factor that may be an issue for nurses when it comes to refraining from purchasing their own policy is price. But with economical pricing having peace of mind is well worth the payment.

The cost of a policy is reasonable and usually fluctuates depending on which coverage a nurse chooses. An annual premium could cover some attorney fees and a $1 million/$6 million policy runs about $100 a year in most states.

Overall Benefits

Having medical malpractice insurance also helps with license protection. Nurses should be aware that this will extend past their employers’ coverage and includes discipline issues that can be brought up by a nursing board. Policies also protect against such things as libel, slander, and patient confidentiality; all can be great costs against a nursing professional.

While having malpractice insurance is a personal choice that’s up to the nurse professional, there are too many benefits, including economic pricing, to not invest.

About Huntersure

Huntersure LLC is a full-service Managing General Agency that has provided insurance program administration for professional liability products to our partners across the United States since 2007. We specialize in providing insurance solutions for businesses of all sizes. Our program features can cover small firms (grossing $2.5 million annually) to large corporations (grossing $25 million annually or more). We make doing business with us easy with our breadth and depth of knowledge of E&O insurance, our proprietary underwriting system that allows for responsive quoting, binding and policy issuance and tailored products to meet the needs of your insureds. Give us a call at (646) 751-3030 to learn more.